Lennar Corp., ranked No. 126 on the Fortune 500, reported its fourth-quarter earnings for fiscal year 2024, with adjusted earnings per share (EPS) of $4.03, missing the FactSet consensus estimate of $4.16. Revenue for the quarter was $9.95 billion, also falling short of the expected $10.08 billion. The company's net earnings were $1.1 billion, and it delivered 22,206 homes, marking a 7% decrease year-over-year. New orders decreased by 3% to 16,895 homes, with the dollar value of new orders down 1% to $7.2 billion. Lennar's backlog of homes declined 19% year-over-year in dollar terms, while its homes inventory increased by 7%. The company forecasted Q1 deliveries to be between 17,000 and 17,500 homes. Following the earnings release, Lennar's stock dropped 8.17% in post-market trading, closing at $134.01. The company also repurchased $521 million worth of shares and maintained a strong balance sheet with $7.6 billion in liquidity. Amid rising interest rates, with the 10-year yield hitting a high of 4.551%, the broader homebuilding sector, as indicated by the Homebuilders ETF (XHB), has been under pressure, declining 15.8% since November 25.